UK - The plight of scheme members who lost their pensions when their firms collapsed spurred the government to protect others, pensions minister Malcolm Wicks.
But he repeated that the new Pensions Protection Fund could not be used to help the workers whose problems were the driving force behind it.Wicks says people have a right to expect security in old age and have every right to be angry when that is “suddenly taken away”.
But he adds: “The PPF is an insurance scheme – and no insurance scheme can cover against events in the past.”
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MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.